Subsection 6: Procedural provisions and respect for the rights of policyholders and creditors

A transfer of ownership of equity securities mentioned in Chapter II of Title I of Book II of the Monetary and Financial Code or of other ownership securities, as well as of the assets, rights or obligations of a person subject to a resolution procedure or of a bridge institution is carried out at the best price in the circumstances, in accordance with an open, transparent and non-discriminatory procedure and…

I.-The resolution college may require a person referred to in Article L. 311-1 who has been the subject of a transfer provided for in 3° or 4° of Article L. 311-30, Article L. 311-35 or Article L. 311-41 and the acquirer to exchange information or provide assistance to each other for the purposes of the transfer. In order for these transfers to be effective, the resolution college may require the…

I.-When the resolution board orders the transfer of part of the assets, rights and obligations of a person subject to a resolution procedure to another entity or a liability management vehicle, it shall ensure, subject to the provisions of Article L. 311-15, the protection of collateral agreements and secured obligations in which this person participates, as well as the protection of its counterparties. The same applies where the resolution college…

I.-When it adopts a resolution measure in respect of a person referred to in Article L. 311-1, the collège de résolution shall notify its decision : 1° the Minister for the Economy and, where applicable, the Minister for Mutual Societies or the Minister for Social Security ; 2° To the supervisory board ; 3° To the fund(s) concerned, including the guarantee fund for compulsory non-life insurance, the guarantee fund for…

The annulment of the measures taken in application of this section does not affect the validity of the acts taken for their application when the calling into question of these acts is likely to harm the interests of the policyholders, subscribers, employers, subscribing legal entities, members, participants and beneficiaries, except in the case of fraud on their part. In this case, the compensation of the claimants is limited to the…

A decree of the Conseil d’Etat shall specify the conditions of application of this sub-section.